The data on execution of the federal budget in 1999 are represented in Table 1. The indices were deflated using CPI. As the Table shows, the level of tax revenues and the overall level of revenues in real terms grew substantially compared with the respective indices of the two prior months.

According to results of 1999, the level of revenues made up 13.7% of GDP (Estimated) ( 10.0% for 1998 on the whole), including 12.6% GDP at the expense of tax revenues ( 8.8% of GDP), and expenditures – 14.8% of GDP ( 14.5% for 1998 on the whole).

The level of budget deficit was 1.2% of GDP ( 5.4% of GDP over 1998) (The difference between the dynamics of deflated indices of budget execution and dynamics of analogous indices in shares of GDP may be attributed to the difference between the deflator based on the price index and the GDP deflator).

According to preliminary data of execution of the federal budget, in January 2000 revenues made up Rb. 61.1 bln. ( 116.3% of the planned figures and 16.1% of GDP), while expenditure made up 61.4 bln. ( 92.9% of planned indices and 16.3% of GDP), and the deficit made up Rb. 300 mln. In January 2000, the tax revenues to the federal budget by the STS’s contingent made up a. Rb. 38 bln., and considering the revenues of the targeted budgetary fund the execution amounted to Rb. 41 bln. In January, the revenues controlled by SCS made up Rb. 19.6 bln., while those controlled by the Ministry of Finance totaled Rb. 1.7 bln.

Table 2

Real tax revenues to the federal budget according to STS data ( in prices of 1998)

1998

1999

2000

XII

I

II

III

IV

V

VI

VII

VIII

IX

X

XI

XII

I

21542

10067

11586

12281

12287

10524

11369

12785

12838

12514

14238

16190

21455

15087

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The dynamics of actual indebtedness to the federal budget by taxes is represented in Fig.1. As of February 1, the overall amount of debt to the federal budget was a. Rb. 259 bln., while the value of the indebtedness with account of overpayments of taxes- Rb. 205 bln.

The execution of the consolidated budget between 1998 through 1999 is represented in Table 3.

Table 3.

Execution of the consolidated budget of the Russian Federation in comparable prices (in prices of January 1998)